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Bruce Schnitzer and John Struck of Paraline will join the Beat board of directors, which will be chaired by John Cavanagh.

Paul Rayner, Active Underwriter of s.4242 and a Director of Paraline Group, will also become chief financial officer of Beat.

Bruce Schnitzer, chairman of Paraline Group, said: “This transaction is a great move for our business. It brings together a talented group of established insurance leaders and a powerful shareholder group with a shared, long-term vision.”

And Martin Reith, group chief executive of Neon added: “As a founder investor in Beat, we are thrilled to be partnering with Paraline Group in the next stage of Beat’s evolution.”

Beat investments

In a statement, Beat said the merger would further build its platform to support independent underwriting businesses.

At present Beat has two investments, Tarian, a cyber insurance specialist and Chord Re, a specialty reinsurance underwriter.

Neon Syndicate 2468 leads underwriting support for both facilities. ICAT Managers, a managing general agent underwriting property catastrophe insurance to businesses and homeowners across the US, will continue its longstanding strategic underwriting relationship with s.4242.

Commenting on the transaction, Beat co-founder Tom Milligan said: “Beat has grown rapidly since its formation in 2017.

“This deal gives us access to a second Lloyd’s platform alongside Neon 2468 that benefits our existing investee companies and enhances our offering to proven lead underwriters who have the ambition to build their own business.

“We are delighted to partner with Paraline, who have a track record of successful insurance investment.”